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When I moved to London to earn a master’s degree, I figured I’d
be entering a new world: one of fish and chips, beer, and British
accents. What I didn’t account for was theothernew world I would discover:
the world of start-ups.

I had the chance to intern and fall in love with a small start-up
whose mission I really believed in. I went to conferences and
studied many different entrepreneurs who dared to break free from
the corporate mold and create their own direction. And here are
the 10 best pieces of start-up advice I learned:

1. Startsimple

Your business concept should be easy to understand. Focus on
doing one or two things and doing them really well. Too many
features can actually confuse users and make them less inclined
to use your product or service. Plus, as you mix and mingle with
investors and other founders, you’ll put yourself at a
disadvantage if you can’t pitch your basic idea in 30 seconds or
less.

2. Consider partnership

Starting a business on your own can be terrifying, so grab a
buddy. Make sure you work out the contractual terms and how you
will divide responsibility ahead of time—and get it in writing.
If you give someone 50% of your business, make sure they are
actually and contractually responsible for 50% of the work.

3. Youdon’t need to live in a
start-up hub to have a start-up

Silicon Valley is not the only place to be. Outside the San
Francisco Bay Area, computer science graduates and aspiring
businesswomen don’t yet seem to realize that working for a
start-up is an alternative to financial services and consulting.
But according to the start-up superstars, there’s a huge untapped
market of companies looking for people, especially developers.

4. You don’t need to be the first one to be the best
one

It’s okay to enter a market where competitors have entered before
you. If you can refine your product and make it sharp, there’s no
reason why you can’t become the best in your field. Think:
Netflix
and Blockbuster.
Facebook
and MySpace.
Gchat and AIM.

5. You don’t need to be the best one to be a great
one

Just because you’re not Facebook doesn’t mean you can’t be a
viable social networking site. Just because you’re not
Ticketmaster doesn’t mean you can’t be a viable events ticket
site. The world is large. Figure out what makes your company
unique, and focus on your target user community

6. VC backers will demand a large user community

If you’re expecting venture capital to help build your business,
focus on developing a large user community first. VC firms want
to invest in companies that show strong promise of developing and
maintaining a large user base. It may sound like a Catch-22, but
users are the key to your capital.

7. If your start-up isn’t growing, change

Growth is the first and most vital part of creating a successful
start-up. If growth isn’t happening, reconsider your concept and
alter your plan of action.

8. Talk to people

Over and over again, successful entrepreneurs give the same
advice: “Get out there and talk to everyone you can in your
industry who has been in your shoes.” You won’t get anywhere fast
without the insights—and help—of people who’ve gone before you
and know your space.

9. Bootstrapping is hard

The saying goes that if your business plan predicts something
will take three months, double that and then double that again to
know how long it will actually take. And those months are going
to seem even longer when you and your co-founders are living on
your savings
and Spaghetti-O’s. Don’t rule out looking for a separate source
of income while you’re bootstrapping. Or, consider goingSilicon
Valley for financing, where capital for start-ups is more
plentiful.

10. Keep going

Start-ups don’t get off the ground overnight, and many start-ups
face huge set-backs during their early days. Don’t get
discouraged. Keep going, and keep learning!

Liz Elfman is a post-graduate student studying international
relations. Previously, she worked for IBM and
as a researcher at The
Atlantic. She has lived in France and Washington, DC and
currently lives in London.